P1 Finance Now Part of Truliant Federal Credit Union
Driven by unprecedented growth, Atlanta-based national premium finance company allies with new, larger financial partner
Atlanta-based P1 Finance Holdings, a 37-year-old premium finance company, announces it has become a division of Winston-Salem, NC-based Truliant Federal Credit Union, effective Feb. 1, 2024.
"As loan demand increased from our treasured network of agency, intermediary and carrier partners, we were simply hitting the prior institution's capacity limits," says Bill Villari, President of P1 Finance. "Partnering with the larger Truliant ensures we meet rapidly growing loan demand, especially related to our large insured-borrower clients."
Truliant is a $5.1 billion credit union, and the 80thlargest in the U.S. by asset size, according to the Credit Union National Association.
"We're excited to welcome Bill and P1 Finance to the Truliant family," says Todd Hall, Truliant President and CEO. "Their client-centric commitment to service excellence, track record of consistent and sustained loan growth, and their three and a half decades of experience make it a great fit for the straightforward, service-oriented financial solutions we provide."
P1 Finance, which is authorized or approved to do business in all 50 states, was for the last five years a division of a smaller, Georgia-based credit union. With a mission "to provide the finest property and casualty insurance premium finance experience," P1 says it accomplishes that via superior customer service, innovative loan structure and terms, and market-leading technology.
"We've actively grown the business at a 50% CAGR over the past five years, and new loan production is tracking over half a billion annually," Villari says, making P1 one of the larger premium finance companies in the United States. "Our team is excited to be part of Truliant, given its scale, interest in building out a more robust team, capacity for loan growth, and their growing retail agent network."
The premium finance industry coordinates lending to commercial businesses, and in some cases individuals, to cover the cost of insurance premiums, through a network of insurance agents and insurance brokers. Premium finance is typically used in the purchase of Excess and Surplus policies when the annual premium is due in-full at purchase.
The bonus for the (typically corporate) borrower is these premium finance loans enable the borrower to pay with installments, are tax deductible and usually do not affect the company's borrowing power. Highly regulated financial institutions like banks and credit unions are often the lenders to the insurance buyers in the premium finance marketplace, typically through a premium finance division, like P1.